In Which of the Following Situations Is a Contract Considered

question 13

Multiple Choice

In which of the following situations is a contract considered voidable?

• A) When the contract is for necessaries
• B) When the minor lied about his or her age
• C) When the contract is ratified on reaching majority
• D) When there is a lack of capacity because of minority

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Definitions:

Activity-Based Costing

Activity-based costing is a method of allocating overhead costs to products or services based on the activities that consume resources, aiming for more accurate product costing.

Processing Orders

The activities involved in receiving, handling, and fulfilling customer orders, which may include stages like order entry, picking, packing, shipping, and handling returns.

Time-Driven

A methodology that calculates costs based on the time required to produce goods or services.

Activity-Based Costing

A method of accounting in which costs are assigned to products or services based on the activities required for their production or delivery.